Ron on Goerner's Trust purchase... FYI..
posted on
Mar 14, 2008 03:15PM
Having just had a communication from Ron this was expressly communicated to me..
Let me assure you that there is a gigantic legal difference in an insider purchasing shares individually, versus a trust that he has previously set up making such a purchase. There is absolutely nothing wrong or illegal about what Goerner has done, and all of us should IMO be applauding him. HE may be an insider, but his trust is not --- people need to realize this distinction and move on. Please go back and read the last post I made on Agora on this subject..
Posted by: ronran on February 16, 2008 12:02AM
..On a totally different subject, I don't like to leave things hanging, and there has been considerable talk here lately of "inside information"....
First and foremost, "inside information" must, by definition, somehow originate with the company itself. Except in cases of data theft or some unusual type of scenario (which, even so, is often an indication of lax procedures within that company), those on the "outside" must have been been given the "taboo" info by someone on the "inside". Somehow, this seems to get overlooked, but it cannot be denied.
Furthermore, please remember, as I posted a couple of days ago, that not all non-public info given to someone by a company is "inside info" in this context --- truly "inside info" must be of the type that would cause a resonable person to have a desire to trade the company's stock, and must be imparted during a time frame in which such trading could advantageously be done. Similarly, there is no crime of "possession of insider knowledge" --- the crime is "insider trading".
For all of these reasons, when a member of this board accuses another person of possessing "inside information" (whether such is accurate or not), he or she is, at least indirectly, "indicting" the company itself, and, in turn, is creating a very negative connotation against its officers, directors, and other personnel. As a result, I hope such things can be avoided in the future, especially during the next couple of months.
There is a considerable amount more that could be said on this subject, but it would take too much space. Plus, the mere disucssion of the topic is not a positive thing --- I have done so only because many of you have requested it, and because, again, it is important especially for the immediate future. It also allows me to have some closure on this subject, which I have avoided due to what I felt might have resulted in protracted discussions between myself and others that could have done more harm than good...
In closing, I wish to again thank all of you who supported the shareholder letter, and a special thanks to Ads, who did such a great job in keeping abreast of the questions and comments, and in compiling them for us.
I wish all of you and your families the very best always. Take care. Good luck. Godspeed.